CARES ACT and Paycheck Protection Program
To the churches financed with the IPHC Extension Loan Fund
Greetings to all you in the name of our Lord Jesus Christ. We are thinking and praying for your church, members and families during these difficult times. We would like to make you aware of information that could assist you in navigating the financial burden caused by the COVID-19 pandemic. Recent legislation, that was part of the CARES ACT, included the SBA’s (Small Business Administration’s) Paycheck Protection Program (PPP). This program has been opened to non-profit entities to apply for Federal assistance with payroll expenses. This does include churches. Please see the corresponding documents to help you in the application process. You must apply through an FDIC Bank that is registered with the SBA. Please call your local bank to find one offering this service.
· PPP update and Borrower Resource Guide
· PPP loan calculation worksheet – this will help the bank confirm the amount requested for your loan
Applications can be submitted beginning April 3 for small businesses and churches/non-profits. Once you have the application and worksheet completed and your information gathered, please contact a local bank to submit the application to.
With God’s help we will all get through this pandemic. If you have further questions, please contact our office.
Sincerely,
David B Parker
President